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PROPERTY, PLANT, AND EQUIPMENT
 12 Months Ended
Mar. 31, 2025
Property, Plant and Equipment [Abstract]  
Property, Plant and Equipment Disclosure [Text Block]

NOTE 6 – PROPERTY, PLANT, AND EQUIPMENT

 

   (in thousands, except useful life) 
   Useful Life
(years)		   As of
March 31,
2025
($)		   As of
March 31,
2024
($)		 
Buildings and facilities   25    2,341    2,303 
Plant and machinery   5-20    3,087    3,334 
Computer equipment’s   3    187    166 
Office equipment’s   3-5    144    140 
Furniture and fixtures   5    96    93 
Vehicles   5    58    101 
Total gross value        5,913    6,137 
Less: Accumulated depreciation        (2,693)   (2,442)
Total property, plant, and equipment, net        3,220    3,695 

 

The depreciation expense in Fiscal 2025 and 2024 amounted to approximately $567 thousand and $563 thousand, respectively. During Fiscal 2025, the Company focused on liquidating all non-operating assets to reduce costs and generate cash. For more information, please refer to Note 18, “Segment Information,” for the non-current assets other than financial instruments held in the country of domicile and foreign countries.

 

Asset Held For Sale

 

During Fiscal 2024, the Company focused on liquidating all non-operating assets to reduce costs and generate cash. As a result, the Company impaired the land situated in Nagpur, India, by approximately $3.3 million to $720 thousand from $4.1 million to bring it closer to the fair market value. The Company believes it can sell the above-said non-operating land as it is without any improvement. Selling this land will give immediate cash, which the Company can use in its operating segments.

 

During Fiscal 2025, the Company entered into an agreement with the buyer to sell the said land for a net realizable value of approximately $702 thousand. The agreement is subject to the final registration and execution. The Company received a net of approximately $580 thousand as a deposit. The Company holds the ownership and possession of the said land. For further information, please refer to Note 19- “Subsequent Events”.